PRESS RELEASE

from Muehlhan AG (isin : DE000A0KD0F7)

Muehlhan AG: Muehlhan AG publishes its results for the first half of 2023

EQS-News: Muehlhan AG / Key word(s): Half Year Report/Share Buyback
Muehlhan AG: Muehlhan AG publishes its results for the first half of 2023

28.07.2023 / 08:45 CET/CEST
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

 

Muehlhan AG publishes its results for the first half of 2023

  • Performance falls considerably short of expectations
  • Revenues of €5.8 million, EBIT of €-2.0 million
  • Share buyback offer to run until beginning of September 2023

 

Hamburg, July 28, 2023—Muehlhan AG (Open Market; ISIN DE000A0KD0F7; WKN A0KD0F) (the “company”) generated revenues of €5.8 million and EBIT of €-2.0 million in the first half of 2023. Consolidated income after taxes after the first six months amounted to €-1.7 million. Cash flow from operating activities is in positive territory at €1.7 million due to a special effect. A comparison with the prior-year results does not make sense due to the sale of numerous subsidiaries at the 2022 year-end.

The results fall well short of expectations. The results can be traced back to unexpectedly lower business activity in the Middle East, and a heavier strain on Russian operations due to Russia’s war of aggression in Ukraine and sanctions imposed in connection with this. There were also substantial non-recurring expenses in connection with the settlement of the sale of key subsidiaries last year, the share buyback program that is currently underway and the provision set up for a legal dispute.

In Russia, revenues of €3.5 million were achieved in the first half of 2023 as against €4.5 million in the same period of the previous year. Despite the difficulties, an EBIT break-even was achieved, compared to €0.3 million in the previous year. In the Middle East, revenues dropped significantly year-over-year from €3.4 million to €1.7 million. EBIT deteriorated from €-0.3 million to €-0.7 million due to the significant decline in revenues, project start-up costs and costs for the resumption of activities.

For the 2023 financial year as a whole, the Executive Board and Supervisory Board expect to see revenues of between €10 million and €15 million and EBIT of €-2.0 million to €-2.5 million.

Muehlhan AG launched a share buyback program on June 28, 2023. Up until September 6, 2023, shareholders of Muehlhan AG have the opportunity to sell their shares for €1.75 per share before the company then withdraws from the stock market. Shareholders who have sold their shares by August 2, 2023, will receive their money only a few days later. The buyback program has been well received so far.

The company’s key performance indicators are shown in the following table:

 

in kEUR   1st half of 2023 1st half of 2022          Results       Revenues   5,796 121,539 Earnings from operations before depreciation and amortization (EBITDA)   -1,981 7,111 Earnings from operations (EBIT)   -2,022 4,152 Earnings before income taxes (EBT)   -1,656 3,487 Consolidated income attributable to shareholders of Muehlhan AG   -1,644 1,375 Earnings per share from continuing operations in EUR -0.09 0.12 Cash flow from operating activities   1,693 -1,690 Investments in property, plant and equipment (not incl. leases)   49 1,170         Balance sheet   June 30, 2023 December 31, 2022 Total assets   54,355 78,458 Fixed assets1   845 897 Equity   42,748 64,483 Equity ratio in % 78.6 82.2         Employees   1st half of 2023 1st half of 2022  Employees (annual average) number 389 2,087

1 Fixed assets: total of non-current assets less deferred tax assets

 

About Muehlhan: Muehlhan AG is a listed corporation traded on the Open Market of the Frankfurt Stock Exchange (ISIN: DE000A0KD0F7 / WKN A0KD0F).

You can find additional information at www.muehlhan-ag.com

Contact: Muehlhan AG; phone: +49 40 75271-0; e-mail: investorrelations@muehlhan.com



28.07.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language:English
Company:Muehlhan AG
Schlinckstrasse 3
21107 Hamburg
Germany
Phone:+49 40 75271 0
Fax:+49 40 75271 130
E-mail:investorrelations@muehlhan.com
Internet:www.muehlhan.com
ISIN:DE000A0KD0F7
WKN:A0KD0F
Listed:Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:1689965

 
End of NewsEQS News Service

1689965  28.07.2023 CET/CEST

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